April 06, 2021

Read_513 - Noahbjectivity on Bitcoin Mining [Nic Carter]

1 hour 22 minutes

"...And we’re just considering two sources of nonrival energy: clean energy curtailment in China, and vented/flared gas in the U.S. There are many other sources of stranded and nonrival energy sources globally. Suffice to say, there’s enough nonrival energy out there to run Bitcoin many times over. It’s just a matter of deploying hashrate in the right locations, which miners are doing — aggressively." - Nic Carter

We have another great piece on the energy debate around Bitcoin, this time responding to a Bloomberg article by Noah Smith, but this time with a little twist. It's not so much about the environmental problem, but the economics and problems of the energy cost of the system, its explosive rise during bull markets, and how this threatens alternative uses, increases costs, and takes precious resources away from chip foundries producing much needed smartphones and computer processors. Is there anything to this criticism? Nic Carter responds in today's article:

Noahbjectivity on Bitcoin Mining:

https://medium.com/@nic__carter/noahbjectivity-on-bitcoin-mining-2052226310cb

The first article in question - "Bitcoin Miners are on a Path to Self-destruction":

https://www.bloomberg.com/opinion/articles/2021-03-24/bitcoin-miners-are-on-a-path-to-self-destruction

And Noah's rebuttal discussed in the Guy's Take:

https://noahpinion.substack.com/p/bitcoin-mining-and-resource-use

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